Do you enough money in savings?

If you’re struggling with day-to-day expenses like bills and groceries, saving money won’t always be a high priority.

But without savings, unexpected costs like fixing a broken washing machine can have a huge impact, potentially forcing you to borrow and end up in debt.

So it’s worrying to see that many people don’t have any financial safety net and are hugely vulnerable if a nasty surprise happens.

According to the Building Societies Association (BSA), more than one in ten people (12%) don’t have any savings at all - and over a quarter (27%) have less than £1,000 set aside.

Meanwhile, one in five adults (21%) - including over a third of under-24s - say they don’t think they could cover an unexpected £300 expense. 

How long could your savings last?

It’s not just unexpected expenses that could tip people into financial difficulty.

BSA figures showed that 30% of adults wouldn’t be able to live off their savings for more than a month if they lost their income. 

And for those aged between 35 and 44, this figure rises to nearly half (44%).

Even small amounts can make a big difference

Nearly two-thirds (60%) of people with less than £1,000 in savings think they’d struggle to last a month without income. 

But for those with between £1,000 and £9,999 saved, that drops to just one in three (33%).

So even a small savings pot could make a huge difference if the worst happens.

As Andrew Gall of the BSA says: “Whether it’s £1 or £100, every pound put into savings helps to build peace of mind, long-term resilience, and better mental wellbeing.”

Extra help if you’re struggling

If saving feels impossible because money is already tight, it’s worth checking if you’re missing out on support.

We can check you’re getting all the benefits you’re entitled to and help you create a realistic budget, so you can prioritise your spending, keep up with essential expenses and plan for the future.

Even small changes can give you more breathing space – and make saving feel achievable in the future.

Are you eligible for a Help to Save account?

If you’re on universal credit and struggling to build up savings, you might be able to open a Help to Save account.  

With a Help to Save account, you get a bonus of 50p for every £1 you save over four years. 

You’re allowed to save between £1 and £50 each calendar month but you don’t have to pay money in every month. 

If you saved the maximum amount allowed each month, you’d add £1,200 to your savings.

You can pay money into your account by debit card, bank transfer or standing order, and you can make as many payments as you like, as long as the total amount paid in during one calendar month is no more than £50.

You can carry on saving into a Help to Save account even if you come off benefits. 

And if you and your partner claim benefits as a couple, you can both apply for your own Help to Save accounts. 

The scheme is backed by the government, so the money you save will be protected.